Everyone dreams of starting a business and becoming an entrepreneur at some point of time. The idea to start a small business is very attractive to many, but one thing that holds back people from becoming an entrepreneur is financial resources. Understandably many business ideas cost millions of dollar, however not all business are so expensive. There are many businesses that require low investment and can flourish. In fact, there are a number of profitable and easy businesses to start with very little investment.
Many a times we think that starting a business is risky, and can be very expensive and with a lingering doubt what if it does not work. Understandably so, if you want to do something big. But if you want to start a small business there are many easy ideas that don’t require a large investment. With some small business ideas, you can even get started for less than $1,000.
This might not be a life-changing business at first, but it could be enough to get your entrepreneurial skills tuned up for a long-term business that grows over time.
How to start a small business
Nothing is easy, even starting a small business requires good understanding of what one is getting into. Having all the paperwork and documents up-to-date, ways to sustain and upscale, along with proper knowledge of the business one is investing in is crucial.
Registration
Decide on whether a sole proprietorship, LLC, partnership, corporation choosing the correct legal structure and registering accordingly is the first thing to do.
Getting insurance.
Before starting the small-scale business, one of the things that needs to be done is getting an insurance.
Strategies for marketing
Developing a marketing strategy to reach the target audience is necessary. Also work on the branding along with strategies for promotion and advertising. Also, thorough understanding of the target market is necessary.
Outline operational needs
This would be the location, staff, equipment, software etc.
Right skills for the offering
Having the right skills needed to operate the business is important. Also consider how one can efficiently manage the production and delivery.
Top small business ideas
Understanding that you are starting small and going big from the start is not necessary. The idea here is to start affordable business venture that gradually can be expanded basis revenue. Let’s look at few of the top and best small business ideas that has the potential to generate good revenue with low cost.
Social Media Manager
Social media is becoming a great career option as now a days every business owner whether small or big needs a strong social media presence if they want to widen their reach for growing their brand. Most of them needs support as they are not well versed with it. Here is a good business opportunity if one enjoys creating content by using your skills for these business owners. It costs less and once the clientele is build one can always outsource to other agencies so that they can work on scaling the business.
Handmade Goods
Selling homemade goods is also a very lucrative business. One can sell variety of products including soaps, candles, jewelry amongst multiple other products that can reach people through online selling. Also to scale the business one can also open an eCommerce shop which costs way less than setting up a shop.
Dropshipping
One of the cheapest way to start business in doing dropshipping. It is a simple process of being a third-party retailer warehouse and ship products in the name of your business. A business that has no inventory costs which also provides versatility by offering customer specific products.
Meal prep services
One more profitable businesses with low investment is meal prep services delivering ready-to-eat luncheons. This business can be operational from one’s kitchen. Though this is a competitive business one can carve a space by being niche. This can be done by specializing in meal prep dinner parties, wedding, birthdays, etc. For this business getting customers through referral and networking is important to start with.
Podcasting
Doing podcast is also a great way to start small with low cost. If you have ideas and feel people may want to listen to podcasting is a good idea for a small business. And as one grows can monetize their content through social media channels like YouTube account, TikTok, etc. The earning can be exponential as when your subscriber base increases so does your sponsorships.
Personal trainer
The kind of lifestyle that is being followed, staying in shape is becoming increasingly challenging, and that drives the demand for personal training services. As per the Bureau of Labor Statistics there is potentially a 19% increase in employment growth for fitness instructors in the next decade. If one starts as a solo proprietor the cost could be very low.
Web designer
Starting a solo web designing service provider is also a good small business opportunity and also there is a great scope for upscaling. As for most companies having a professional looking website is the biggest hurdle, giving one easy entry with minimal costing.
Laundry service
Starting a launderette is also a lucrative small business idea. The initial investment on a laundry business is very minimal if one already owns a washer and dryer.
Professional organizer
If one is good with organizing, they have already completed half the battle in starting an organization business. One can earn good money as a professional organizer for individuals and businesses. One can also be consultant organizer for businesses too as many do not always know how to organize their office and maximize the efficiency of their spaces.
